Conn. January 30, 2013) – Saint Francis Hospital and Medical Center is a cornerstone of our
community – caring for residents 24 hours a day, seven days a week. Providing accessible, high-quality hospital care
is an essential element of the quality of life for our communities. In addition to caring for the well-being of
our communities, Connecticut hospitals also serve as bedrock economic engines
for our communities and the state, providing enormous benefits that drive
growth in the health and medical fields as well as numerous other
industries. Saint Francis,
like its peers, makes
a tremendous impact on the financial health of our local community and
Saint Francis spends millions of dollars each year on staff, medical
supplies and food, and equipment and facility updates. These dollars have a “ripple effect” as they
move through the larger economy, generating additional jobs and spending in our
community, as well as large sums of tax revenue used to fund state and federal
In total last year, Saint
Francis had a direct economic impact on our community of more than $1,737,309,000.
Saint Francis Provides Jobs in Our Community
Saint Francis employs 3,600 full-time employees, with a total payroll of $302,564,000.
Dollars earned by Saint Francis employees and spent on groceries,
clothing, mortgage payments, rent, etc., generate approximately $326,618,000 in economic activity and
create an additional 3,600 jobs for the
Saint Francis is a Major Purchaser of Goods and Services
Each year, Saint Francis spends about $300,294,000 on the goods and services
it needs to provide healthcare – e.g., medical supplies, electricity for its
buildings, and food for patients. Funds
spent to buy goods and services flow from the hospital to businesses and then
ripple throughout the economy. These
dollars generate a total of approximately $324,168,000 for the local economy.
Funds spent by Saint Francis on
buildings and equipment total $232,587,000.
This expenditure generates approximately
$251,078,000 in total for the local economy per year.
Saint Francis Hospital and Medical Center Construction
Construction activity at Saint
Francis also affects the local economy.
The most recent major construction project at Saint Francis was the
building of the John T. O’Connell Tower, totaling $184 million. In fiscal 2013, total construction will be
over $10 million. These projects
generate local jobs and revenue, and result in improved healthcare delivery for
Ensuring the Financial Health of Connecticut’s Hospitals
Generations of families have come to rely on Saint Francis to care for them in sickness and in health. It is critical that Saint Francis and all Connecticut hospitals be
financially strong and stable. Investing in
healthcare is a good investment for the state.
Hospitals have smart, effective solutions that offer a win for
everyone: better access to providers for
patients, lower costs for the state, and better reimbursement rates for
providers. The legislature and
citizens should all work together to keep Connecticut hospitals strong and stable.
Saint Francis Care
is an integrated healthcare delivery system established by Saint Francis
Hospital and Medical Center, an anchor institution in north central Connecticut
since 1897. Licensed for 617 beds and 65
bassinets, it is a major teaching hospital and the largest Catholic hospital in
New England. Other major entities of
Saint Francis Care include The Mount
Sinai Rehabilitation Hospital, the Connecticut Joint Replacement Institute, the
Hoffman Heart and Vascular Institute of Connecticut, the Saint Francis/Mount
Sinai Regional Cancer Center, the Joyce D. and Andrew J. Mandell Center for
Comprehensive Multiple Sclerosis Care and Neuroscience Research, and Saint
Francis HealthCare Partners. Its services are supported by a network of
five major Access Centers and eight additional medical office centers sited
throughout the region. For more
information, visit www.stfranciscare.com.
NOTE: This analysis is based
on the statewide multipliers from the Regional Input-Output Modeling
System (RIMS II), developed by the Bureau of Economic Analysis of the U.S.
Department of Commerce. It uses data
from the 2011 Medicare cost report. RIMS
II provides an accounting of “inputs” purchased and “outputs” sold by an
industry in the state. The spending of
one industry will have several rounds of ripple influence throughout the state
economy—this is known as the multiplier effect.
RIMS II regional multipliers measure both the direct and indirect impact
on the state economy from a specific industry.
The number of jobs is based on full-time equivalents.